Stocks - U.S. Futures Push Higher With Earnings, Fed Meeting in Focus

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Stocks - U.S. Futures Push Higher With Earnings, Fed Meeting in Focus
Credit: © Reuters.

Investing.com - U.S. futures pushed higher ahead of the market open on Wednesday, as investor’s awaited earnings and a Federal Reserve decision later in the day.

By 06:48 AM ET (10:48 AM GMT) the tech-heavy Nasdaq 100 futures were up 23 points, pointing to a gain of 0.34% at the open. The blue-chip Dow futures were up 30 points of 0.12%, while S&P 500 futures edged up 3.00 points, or 0.11%.

The moves pre-market came after Wall Street ended mixed to higher on Tuesday amid ongoing concerns over trade and inflation.

Investors were turning their attention to the latest batch of earnings results and the upcoming monetary policy decision from the Fed later Wednesday.

Shares in Snap (NYSE: SNAP ) were sharply lower in pre-market trade after it reported earnings and user growth that fell short of analysts’ expectations during after-hours trade.

Meanwhile, shares in tech giant Apple (NASDAQ: AAPL ) rose after it reported quarterly earnings and revenue that surpassed market expectations along with resilient iPhone sales. It also announced $100 billion in additional stock buybacks.

Tesla (NASDAQ: TSLA ) was due to report earnings after the market close on Wednesday with Wall Street analysts expecting the company to report an adjusted loss per share of $3.42 on revenue of $3.32 billion.

A slew of other companies were also to report results, including Mastercard (NYSE: MA ), CVS Health (NYSE: CVS ) Chesapeake Energy (NYSE: CHK ), Square (NYSE: SQ ), Kraft Heinz (NASDAQ: KHC ), Logitech (NASDAQ: LOGI ), Fitbit (NYSE: FIT ) and FireEye (NASDAQ: FEYE ).

The Fed was not expected to make any changes to interest rates at the conclusion of its two day policy meeting later Wednesday, but investors will be looking for indications of the pace of monetary tightening this year.

Investors are also awaiting the ADP nonfarm payrolls report, ahead of Friday’s government nonfarm payrolls report for April.

In currency markets, the dollar was hovering near four month highs, with the U.S. dollar index , which measures the greenback’s strength against a basket of six major currencies, last at 92.19.

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